MISC, Mitsubishi and NYK to co-own LNG newbuild pair

Malaysian LNG shipping giant MISC, a unit of Petronas, said it has signed a deal with Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK) to co-own two newbuild LNG vessels.

The two vessels will have the capacity to transport 174,000 cubic meters of the liquefied natural gas.

Each vessel will serve Diamond Gas International LNG carrier requirements worldwide, particularly LNG volumes from U.S. and Canada, on a time charter contract for a firm period of 18 years, MISC said in its statement on Tuesday.

MISC’s interest in the total contract value is estimated at $201.6 million.

The LNG vessels, currently being built by Hyundai Samho Heavy Industries (HSHI), are expected to be delivered in 2021 with the charter starting upon delivery.